Problem 10-87A (Algorithmic) Preferred Dividends Magic Conglomerates had the following preferred stock outstanding at the end of a recent year: $25 par, 10% 6,000 shares 549 per, 99, cumulative 11,000 shares 350 par 12%, cumulative, convertible 2,000 shares $80 par, 11%, nonparticipating 15,000 shares Required: 1. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four is. Issue 1 ($25 par, 10%) of preferred stock Issue 2 (540 pax, o, cumulative) of preferred stock Issue 3 550 par, 12, cumulative, convertible) of preferred stock 4500 par, 11%, nonparticipating) of preferred tock Total annual dividend 2. Calculate what the amount of dividends in arrears would be if the dividends were omitted for 1 year